Global| Jul 31 2018U.S. Retail Gasoline Prices Stable but Elevated in July
by:Sandy Batten
|in:Economy in Brief
Summary
Retail gasoline prices edged up to $2.85 per gallon in the last week of July from $2.83 the previous week. Compared with a year ago, retail gasoline prices are up 21.0% but have been relatively flat over the past month. Gasoline [...]
Retail gasoline prices edged up to $2.85 per gallon in the last week of July from $2.83 the previous week. Compared with a year ago, retail gasoline prices are up 21.0% but have been relatively flat over the past month. Gasoline prices exhibit marked seasonal patterns. Haver Analytics estimates factors to adjust for this seasonal variation. The seasonally-adjusted gasoline price was $2.78 per gallon at the end of July, up from $2.76 a week earlier and $2.72 at the end of June.
West Texas Intermediate crude oil prices fell slightly to $68.80 per barrel at the end of July from $68.96 the previous week and were up 42.4% from a year ago. WTI prices generally fell during July from $71.79 at the end of June. Brent crude oil prices also generally declined during July to $73.80 per barrel at the end of July from $76.98 at the end of June.
Natural gas prices were little changed in the last week of July, edging up $2.75/mmbtu from $2.74 the previous week. However, for the entire month, prices eased from $2.95 at the end of June. The price at the end of July was 6.3% lower than a year earlier.
In the four-weeks ending July 20, gasoline demand eased 0.5% y/y; total petroleum product demand fell 0.6% y/y. Gasoline inventories rebuilt in July, rising 1.4% y/y, while inventories of all petroleum products fell 6.9% y/y. Crude oil input to refineries rose 1.5% y/y in the last four weeks.
These data are reported by the U.S. Department of Energy. The price data can be found in Haver's WEEKLY and DAILY databases. Greater detail on prices, as well as the demand, production and inventory data, along with regional breakdowns, are in OILWKLY.
| Weekly Energy Prices | 07/30/18 | 07/23/18 | 07/16/18 | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon Regular, Monday Price) | 2.85 | 2.83 | 2.87 | 21.0 | 2.47 | 2.31 | 2.03 |
| Light Sweet Crude Oil, WTI ($ per bbl, Previous Week's Average) | 68.80 | 68.96 | 71.94 | 42.4 | 50.87 | 43.22 | 48.90 |
| Natural Gas ($/mmbtu, LA, Previous Week's Average) | 2.75 | 2.74 | 2.84 | -6.3 | 2.96 | 2.49 | 2.62 |
Sandy Batten
AuthorMore in Author Profile »Sandy Batten has more than 30 years of experience analyzing industrial economies and financial markets and a wide range of experience across the financial services sector, government, and academia. Before joining Haver Analytics, Sandy was a Vice President and Senior Economist at Citibank; Senior Credit Market Analyst at CDC Investment Management, Managing Director at Bear Stearns, and Executive Director at JPMorgan. In 2008, Sandy was named the most accurate US forecaster by the National Association for Business Economics. He is a member of the New York Forecasters Club, NABE, and the American Economic Association. Prior to his time in the financial services sector, Sandy was a Research Officer at the Federal Reserve Bank of St. Louis, Senior Staff Economist on the President’s Council of Economic Advisors, Deputy Assistant Secretary for Economic Policy at the US Treasury, and Economist at the International Monetary Fund. Sandy has taught economics at St. Louis University, Denison University, and Muskingun College. He has published numerous peer-reviewed articles in a wide range of academic publications. He has a B.A. in economics from the University of Richmond and a M.A. and Ph.D. in economics from The Ohio State University.
